Agnico-Eagle Vests 51% at West Pequop and Elects to Carry AuEx to Earn

VANCOUVER, BC - AuEx Ventures, Inc. reported that exploration funding partner Agnico-Eagle (USA), Limited ("Agnico") has advised the Company that it has expended in excess of the required $5,000,000 to vest an initial 51% interest in the Company's West Pequop exploration property located in Elko County, Nevada. Further, Agnico has advised the Company that they elect to earn an additional 19% interest in the project for a total of 70% by carrying all further costs through the completion of a bankable feasibility study within five years. Upon confirmation to AuEx that the spending obligation has been met, the parties will execute a formal joint venture agreement governing activities going forward. Commenting on the news Ronald Parratt, President & CEO of AuEx, said, "We are very pleased with the aggressive exploration program conducted by Agnico at West Pequop during these past 2 years and are excited to enter into our first formal joint venture with a partner like Agnico. New gold mineralization continues to be found at West Pequop and we are confident that the amount of mineralization at the project will grow substantially as a result of ongoing drilling by Agnico."
AuEx and Agnico entered into an exploration earn-in agreement on May 9, 2006 that required Agnico to expend $5,000,000 within a 5 year period to earn an initial 51% in the West Pequop exploration property now consisting of over 23,000 acres. Since signing the agreement, Agnico has aggressively explored in a number of areas of the large property drilling gold mineralization in the Section 34, Mountain Top and the new Range Front target areas. Drilling is continuing at present in the Acrobat/Juggler target area and Agnico has indicated that drilling will be ongoing throughout 2008.
AuEx Ventures, Inc. is a precious metals exploration company that has a current portfolio of eighteen exploration projects in Nevada, five projects in Argentina and one project in Spain. The Company controls over 80,000 acres of unpatented claims and fee land in prospective areas of Nevada. Nine of the projects are in exploration earn-in or formal joint venture agreements with six companies who provide exploration funding. The Company applies the extensive exploration experience and high-end technical skills of its founders to search for and acquire new precious metal exploration projects that are then offered for joint venture.
The company's address is 940 Matley Lane, Suite 17, Reno, NV 89502, 775-337-1545, fax: 775-337-1542, email: [email protected].